Business View Magazine - Dec 2023

BUSINESSES WILL SEEK DATA-DRIVEN INTELLIGENCE IN 2024 Source-, Supply Chain Quarterly Staff writers, First Published Dec 12th, 2023 As they head into 2024, companies will be looking to accelerate the delivery of data-driven intelligence to better manage global supply chains and increase on-time customer deliveries, according to a report from electronics and connectivity provider Molex. They will attempt to do that through continued advancements in supply chain infrastructure, along with increased adoption of digital tools and artificial intelligence (AI), according to Don Hnatyshin, senior vice president and chief supply chain officer at Lisle, Illinois-based Molex. “Regardless of the expected and potentially unexpected trends in the coming year, organizations that pursue digital transformation will be best positioned with the agility to respond to the market changes and global shifts in 2024,” Hnatyshin said. “The key is having the vision to build out a platform that can adapt, protect and reinforce customers’ timelines and market initiatives across a wide range of known and unseen scenarios.” More specifically, Molex offered five factors they predict will play pivotal roles in 2024: 1. Market Demand Will Remain Uncertain. Continued fluctuation in market demand will be an overarching issue in 2024. Each industry sector—from automotive and consumer devices to data centers and electrification—is moving at a different pace, creating both upticks and downturns in market demand. For instance, 2023 was a strong year in the automotive sector, but uncertainty in global interest rates and forecasted headwinds in the electric vehicle (EV) market could cause demand declines in the new year. While EVs remain in an innovation cycle, inflationary material costs are moving price points past what was previously anticipated. 2. Optionality is Key to Addressing Ongoing Trade and Tariff Issues. Trade and tariff issues are a O p e n i n g L i n e s 7 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 12